We really have enough federal regulation on money to be honest. Just get your money out of venmo/cash app and put it into your bank account and there will be no worries.
This is such a bizarre take to have in 2023 when we just had the 3 of the top 4 bank failures of all time. Yes they were fully backstopped by the FDIC (even though they shouldn't have been) because they were the first out the door. The FDIC can't back them all.
https://www.bankrate.com/banking/largest-bank-failures/